General revenue collections in the Show-Me State continued their downward spiral for the fiscal year, according to the newest data from the state budget director.
Missouri's net general revenue collections for fiscal 2010 are down 10.8 percent compared to the same period in fiscal 2009, to $2.15 billion. Net general revenue for October was down 14 percent, to $442.7 million, compared to the same month a year ago.
Overall general revenue collections have been down each month this fiscal year, which started in July, when compared to the previous year. The October declines, according to state Budget Director Linda Luebbering, stretch to nearly every revenue category.
Individual income tax collections are down 8.3 percent for the year and 8.6 percent for October; sales and use tax collections are down 10.8 percent for the year and 24.4 percent for the month; and corporate income and corporate franchise tax collections are down 12.3 percent for the year and 26.2 percent for October.
All other collection types were down a collective 8.3 percent for the year, though they are up 2 percent for October. Tax refunds, meanwhile, are up for the year by 10.9 percent.
